Seven OPEC+ countries agreed to raise oil output by a combined 188,000 barrels per day in August

Seven OPEC+ countries agreed to raise oil output by a combined 188,000 barrels per day in August. It is the fifth consecutive monthly increase, involving Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman. The decision comes as fuel prices retreat from wartime highs and markets reassess supply, Hormuz security and global demand.